Tehran keeps probing crypto in search of sanction relief

Iran employs a variety of methods, including cryptocurrency transactions, to avoid international sanctions. In an October advisory statement, the US Treasury Department’s Financial Crimes Enforcement Network stated that “with the full re-imposition on November 5th of sanctions lifted under the Joint Comprehensive Plan of Action, FinCEN expects that Iranian financial institutions, the Iranian regime, and its officials will increase their efforts to evade US sanctions to fund malign activities and secure hard currency for the Government of Iran. It continues, stating that “the Iranian regime uses deceptive practices, including front companies, fraudulent documents, exchange houses, seemingly legitimate businesses and government officials, to generate illicit revenues and finance their malign activities. Financial institutions should also be aware of possible Iranian abuses of virtual currency and precious metals to evade sanctions and gain access to the international financial system and to conceal their nefarious actions.” The US Under Secretary of the Treasury for Terrorism and Financial Intelligence said that “we expect Iran to continue to attempt to engage in wide-scale sanctions evasion while simultaneously using its resources to fund a broad array of malign activity…Financial institutions should continue to sophisticate their compliance programs to keep these actors from exploiting them.”

OODA Analyst

OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.